Filed Under:
Forex pairs in this Article » GBP/USD
FXStreet (Edinburgh) - The sterling is appreciating against the greenback on Tuesday, lifting the GBP/USD to test fresh weekly highs beyond 1.6680.

GBP/USD warming up for 1.6700?

After finding support just below the 1.6600 handle on Monday, spot initiated a correction higher with interim resistance at 1.6700. Data wise, Mortgage Approvals tracked by BBA rose to 50K in January, surpassing both estimates and December’s reading at 47.9K and 47.1K, respectively, adding extra oxygen to today’s upside. “Support we feel is in the 1.6575/1.6600 area and only back below that support area has this up thrust lost its impulsive strength”, observed Paul Robson, Senior FX Strategist at RBS.

GBP/USD levels to consider

The pair is now advancing 0.13% at 1.6678 facing the next resistance at 1.6700 (high Feb.20) ahead of 1.6734 (high Feb.19) and finally 1.6741 (high Feb.18). On the downside, a break below 1.6610 (low Feb.21) would open the door to 1.6594 (low Feb.13) and then 1.6500 (psychological level).
comments powered by Disqus